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Payment Verification Letter Template for Singapore

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Key Requirements PROMPT example:

Payment Verification Letter

"I need a Payment Verification Letter confirming receipt of SGD 250,000 from ABC Trading Pte Ltd for the purchase of industrial equipment, with the payment processed on March 15, 2025, through DBS Bank Singapore."

What is a Payment Verification Letter?

The Payment Verification Letter is a crucial document in Singapore's financial ecosystem, used to provide formal confirmation of payment transactions. It serves as an official record that can be used for accounting, audit, and legal purposes. The document must comply with Singapore's strict financial regulations, including the Payment Services Act 2019 and anti-money laundering requirements. Payment Verification Letters are particularly important in business transactions where formal proof of payment is required, such as large commercial transactions, property dealings, or international trade.

What sections should be included in a Payment Verification Letter?

1. Letterhead: Official letterhead including company details and date

2. Recipient Details: Full name and address of the recipient (To Whom It May Concern or specific addressee)

3. Subject Line: Clear indication that this is a Payment Verification Letter with reference numbers if applicable

4. Payment Details: Specific amount, currency, date, and method of payment being verified

5. Transaction Reference: Unique identifier or reference number for the payment transaction

6. Purpose Statement: Clear statement of what the payment was for and confirmation of receipt

7. Verification Declaration: Formal declaration confirming the payment has been received/processed

8. Signatory Block: Authorized signature, name, designation, and company stamp

What sections are optional to include in a Payment Verification Letter?

1. Bank Details: Details of the bank account where payment was received (when payment was made through banking channels)

2. Outstanding Balance Statement: Statement of any remaining balance if the payment was partial

3. Payment Terms Reference: Reference to any specific payment terms or conditions that were applicable

4. Compliance Statement: Statements regarding AML/CFT compliance where required by regulation

What schedules should be included in a Payment Verification Letter?

1. Payment Receipt: Copy of original payment receipt or transaction record

2. Bank Statement Extract: Relevant extract from bank statement showing the transaction

3. Original Invoice Reference: Copy or reference to the original invoice being paid

4. Transaction History: Detailed transaction history if multiple payments are being verified

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions




















Clauses




















Industries

Electronic Transactions Act (ETA): Primary legislation governing electronic transactions and digital signatures in Singapore, crucial for validating electronic payment verifications

Evidence Act: Determines the admissibility and validity of payment records and verification documents as evidence in legal proceedings

Currency Act: Governs the use and handling of Singapore currency in payment transactions

Banking Act: Regulates banking institutions and includes provisions on banking secrecy and payment processing

Monetary Authority of Singapore Act: Establishes MAS's regulatory authority over financial institutions and payment systems

Payment Services Act 2019 (PSA): Comprehensive framework for regulation of payment systems and payment service providers in Singapore

Payment Systems (Oversight) Act: Provides for the oversight of payment systems and stored value facilities in Singapore

Payment and Settlement Systems (Finality and Netting) Act: Ensures legal certainty for payment finality and netting arrangements in designated systems

Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act: Contains AML provisions requiring verification of payment sources and reporting of suspicious transactions

Terrorism (Suppression of Financing) Act: Requires verification measures to prevent terrorism financing through payment systems

MAS Notice PSN02: Regulatory notice on Prevention of Money Laundering and Countering the Financing of Terrorism for payment service providers

Personal Data Protection Act 2012 (PDPA): Governs the collection, use, and disclosure of personal data in payment verification documents

Singapore Common Law Contract Principles: Fundamental contract law principles applicable to payment verification letters and agreements

Unfair Contract Terms Act: Regulates the use of unfair terms in contracts, including payment-related documentation

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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